ARK Invest CEO Cathie Wood has expressed her view on memecoins, predicting that most of them will become worthless over time, while a few may endure.
Cathie Wood's Perspective on Memecoins
Cathie Wood, the founder of ARK Invest, has expressed skepticism about the future value of memecoins. In her Bloomberg interview, she stated that she doesn't invest her private funds into these assets, as she believes they are largely driven by internet memes and AI chatbots and will likely lose their value.
Are Memecoins Heading to Zero?
Memecoins currently represent $51.6 billion in combined market cap. Last December, the market cap peaked at $137 billion, decreasing by $86 billion or over 60%. The market has seen many viral memecoins crash, with tokens such as LIBRA and TRUMP seeing price falls of 94% and 85%, respectively.
Decline in Memecoin Market
According to ARK Intelligence data, memecoin analyst Murad Mahmudov’s portfolio, heavily composed of these assets, has fallen by more than 80% within two months, including his major holdings like SPX6900, GIGA, and others, which have plummeted in value.
Despite the fluctuating figures and significant volatility of the memecoin market, Cathie Wood continues to have confidence in major cryptocurrencies like Bitcoin, Ethereum, and Solana, which she believes will grow stronger.
